Banking in the Shadows ... A Trip to Jersey
NEW! 3 minute version online: http://blip.tv/file/2896452
Tax havens are the banks' “get out of regulation free” card. Whenever politicians threatens to regulate banks and other corporations, they respond with “we’ll go offshore.”
Jersey: Island of cows, potatoes, beaches, secret trusts and tax evasion, shadowy banks and stolen billions, dodgy companies behind corrupt practices and the SPVs (special purpose vehicles) which hid the financial crisis...and Jersey promotes itself as the clean end of the tax haven world!
Join us on a visit to the sea side - dark side of global finance...
The British Channel Island of Jersey is a major European tax haven. Over $500 billion of client money is hidden on accounts in Jersey to evade and avoid taxes.
We visited Jersey in March 2009 to expose how tax havens affect the lives of ordinary people around the world, who pay their taxes and carry the burden of tax evaders. Activists from across Europe spoke about how different banks have supported corrupt and unethical practices.
We want politicians to take action against tax havens like Jersey. Two weeks after our events G20 leaders met in London and agreed to take action.
But their proposals are weak and do little to help the poorer countries, including some of the small islands which have seen their traditional industries swept aside by tax haven activity.
Our politicians must go much, much further in their actions against the tax havens.
